Adani Power to seek shareholder approval for Rs. 5,000-crore project.

Adani Power, recently, said it would seek the approval of shareholders for the proposed related-party transaction worth up to Rs. 5,000 crore with Adani ConneX during its annual general meeting (AGM), to be held on July 27.

The proposed transaction will involve the sale by Adani Power of its special purpose vehicles or subsidiaries to AdaniConneX.

These subsidiaries have ownership or leasehold rights in land and land parcels, Adani said in its AGM notice.

The transaction will be completed in FY23 post the shareholder approval,the firm said.

BS